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Rates rising for June renewals, brokers say

Underwriters have pushed through moderate rate increases in the June 30 renewals season, according to brokers.

Arthur J Gallagher says the transition from a soft market began early this year and premiums are now hardening “across multiple classes”.

Perth-based Leed Risk Services MD Con Manetas told insuranceNEWS.com.au small rate increases, tougher underwriting criteria and restrictions on policy wordings are all in evidence this renewal.

“Those things together are usually a sure sign the market has bottomed out,” he said.

Mr Manetas says rates are up 0-5% in the SME sector and 0-10% in the middle corporate space.

More details in ANALYSIS.

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